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AUD May Snap Its Five-Week Winning Streak Against NZD

AUDNZD

AUD/NZD seems poised to snap its five-week winning streak and finish this week on the back foot, albeit the 200-WMA at NZ$1.0693 has cushioned losses so far. The rate generally traded sideways this week, after rejecting resistance from the 61.8% recovery of the 2018 - 2020 sell-off at NZ$1.0725, with the bounce off Dec 1 low running out of steam. The weekly range has been marked by Monday's extremes.

  • The pair last changes hands -15 pips at NZ$1.0694, wavering around its 200-DMA (NZ$1.0704). A dip through Jan 4 low of NZ$1.0670 would bring Dec 29, 2020 low/50-DMA at NZ$1.0629 into play. Conversely, gains past the descending 100-DMA at NZ$1.0715, which capped gains on Monday, as well as Monday's high/aforementioned 61.8% Fibo level coinciding at NZ$1.0725 would allow bulls to prove they are on the offensive. Next resistance is located at NZ$1.0767, which limited gains on Nov 5 & 6.
  • A BBG trader source pointed to AUD sales against NZD today after Queensland imposed a three-day lockdown in Brisbane.
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